Behavioural finance: the decoy effect on stock investment decisions

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dc.contributor.authorOkumura, Bruno Uekane
dc.contributor.authorPimenta Junior, Tabajara
dc.contributor.authorMaemura, Marcia Mitie Durante
dc.contributor.authorGaio, Luiz Eduardo
dc.contributor.authorGatsios, Rafael Confetti
dc.date.accessioned2024-02-01T22:21:16Z
dc.date.accessioned2024-03-18T15:49:38Z
dc.date.available2024-02-01T22:21:16Z
dc.date.available2024-03-18T15:49:38Z
dc.date.issued2023-12-11
dc.description.abstractPurpose: This study aims to investigate the occurrence of the decoy effect in stock investment decisions based on fundamental analysis. Design/methodology/approach: In this study, the decoy effect was investigated by applying two questionnaires, one of them with the presence of a decoy alternative, to a set of 224 respondents with knowledge of business fundamentals, simulating investment decisions in stocks of companies listed on the Brazilian Stock Exchange. The data analysis was performed using the Fisher's exact test, Student's t-test and ANOVA. The research also aimed to detect a potential relationship between the variables gender, age, degree and professional experience with the type of decision made. Findings: The results pointed to the occurrence of the decoy effect when analysing the general response data. However, such evidence was not confirmed when the sample was analysed by classes (gender, course, age and professional experience). There is no statistical evidence that the decoy effect influences classes. Originality/value: The recent decoy effect literature is little explored in investment decision-making. This study is unique in examining the decoy effect in investment decisions in the Brazilian context.en_EN
dc.identifier.citationOkumura, B. U., Pimenta Junior, T., Maemura, M. M. D., Gaio, L. E., & Gatsios, R. C. (2023). Behavioural finance: the decoy effect on stock investment decisions. Journal of Economics, Finance and Administrative Science, 28(56), 335–351. https://doi.org/10.1108/JEFAS-01-2022-0007
dc.identifier.doihttps://doi.org/10.1108/JEFAS-01-2022-0007
dc.identifier.urihttps://hdl.handle.net/20.500.12640/3848
dc.language.isoeng
dc.publisherUniversidad ESAN. ESAN Ediciones
dc.publisher.countryPE
dc.relation.ispartofurn:issn:2218-0648
dc.relation.urihttps://revistas.esan.edu.pe/index.php/jefas/article/view/690/557
dc.rightsAttribution 4.0 International*
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.rights.urihttps://creativecommons.org/licenses/by/4.0
dc.subjectBehavioural financeen_EN
dc.subjectDecoy effecten_EN
dc.subjectInvestment decisionsen_EN
dc.subjectFinanzas conductualeses_ES
dc.subjectEfecto señueloes_ES
dc.subjectDecisiones de inversiónes_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleBehavioural finance: the decoy effect on stock investment decisionsen_EN
dc.typeinfo:eu-repo/semantics/article
dc.type.otherArtículo
dc.type.versioninfo:eu-repo/semantics/publishedVersion
oaire.citation.endPage351
oaire.citation.issue56
oaire.citation.startPage335
oaire.citation.titleJournal of Economics, Finance and Administrative Science
oaire.citation.volume28
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JEFAS Vol. 28 Nº 56 (2023)